The joy of a good, long, and friendly shopping spree is about to hit you with a huge bill.
The Canadian government has finally made the decision to raise the GST on groceries to 5.5 per cent, starting July 1.
But what will it mean for you?
Let’s take a look at some of the possible effects.1.
Taxes are going up, and that’s a big dealThe GST is supposed to raise about $2.8 billion annually, but the Liberals have now said they’re going to have to raise another $3.5 billion in order to cover the costs of the new taxes.
The Liberal government says it will spend $1.4 billion to cover those taxes, so the $3 billion cost is going to be even higher.
The Liberals also said they were going to put up an extra $300 million for “a range of programs,” including seniors, kids, and people with disabilities.2.
You might be spending more on groceries than you expectedIf you’ve been shopping at the store in the past, you’re probably not going to feel any extra pressure to save as much as you’re used to.
But if you’re going on a big budget trip, you might want to reconsider the idea.
That’s because you’re now going to pay more for groceries than before.
In fact, your grocery bill is going up.
You’re not going just to pay your bills as they come due, but you’re also going to incur more in additional GST.
In effect, you’ll be paying a higher tax bill for the first time in your life.3.
The economy will take a hitIf you were planning on spending less than you normally would on groceries this year, you may want to take some comfort in the fact that the economy is expected to take a big hit.
A report from the Bank of Montreal estimates that a 5 per cent increase in the GST will lead to an economic decline of 1.3 per cent in 2018, or $4.4 million.
A 1 per cent drop in the cost of groceries will translate into an economic contraction of 1 per a $1,000 investment in food and groceries.
This is because the economy will lose about $1 billion annually in gross domestic product (GDP) from higher taxes, according to the Bank.4.
You may need to take the subway or plane to get to your storeIf you’re heading to the grocery aisle, you should consider using public transportation.
Public transit is a much cheaper and faster way to get around than driving.
You can even pay for your groceries in advance, which means you’ll save money, too.5.
You won’t be able to buy items onlineNow that you know how much the new GST will increase your grocery bills, you are now in a tough spot.
You’ll be looking at some big surprises when it comes to the products you can buy online.
First of all, it’s going to mean that you’ll have to make some tough choices when it come to what products you buy online: You can’t just pick up your groceries from the grocery chain.
Instead, you have to choose a specific online grocer, or you’ll likely be stuck with one that doesn’t carry any of the major grocery brands.6.
You have to buy your groceries onlineThe GST on food is supposed not to add to the cost, but it does add to your shopping bill.
This means that if you are shopping at a grocery store for groceries, you won’t get the full price.
The amount of the GST that you’re paying is going down as you shop online, but this is going be a lot harder to figure out, especially when you have an online grocery store.
So if you shop for groceries at a local grocery store or at a hardware store, it might be a little harder to tell what you’re actually getting for your money.7.
You will have to pay a higher grocery billYou will also have to get the groceries you want at the point of sale.
If you go to a grocery chain or a hardware shop, the price of your groceries are likely going to vary based on how much you pay in sales.
If the price is the same, it could mean you’ll pay the same amount for the same product, and you’ll probably have to order a new item.8.
You are going to eat more at the local grocery chainNow that your grocery store has increased your grocery costs, you will likely be able for the most part to afford your groceries at your local grocery, but there is one problem: You will not be able buy them at the same price as you do now.
That is because, in most cases, grocery stores have changed their pricing to make it easier to find the best price.
Some grocery stores may even have a discount that is more favorable than the grocery price now, depending on the season and the seasonality.
So, when you go grocery shopping, you could end up paying the